Re: Capital Gains on muscle car (state of PA)
Sorry! Yes, the car is a Capital Asset by the IRC definition, and does not appear to be a 'Collectible' by the IRC definition. So, the 15% rate would apply - I assume the IRS hasn't changed it recently.
Your post used the term 'Antiques' which is one of the terms used in the definition of 'Collectibles' per the Schedule D description. So, the official terminology is 'Collectible' which apparently does not include 'Cars' as 'Collectible' 'Antiques'.
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Marlin
70 Yenko Nova-350/360, 4speed M21, 4.10 Posi (Daddy's Ride)
69 SS Nova-396/375hp, 4speed M20, 3.55 Posi (Benjamin's Ride)
67 RS Camaro-327/250hp, 2speed Glide, & 3.08 Open (Danny's Ride)
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03-18-2008, 11:52 PM
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